Oklahoma treasurer says declining energy prices hurt revenue
August 5, 2015 at 3:41 PM CDT - Updated July 25 at 6:57 AM
OKLAHOMA CITY (AP) - Oklahoma Treasurer Ken Miller says declining oil and natural gas prices helped push state revenue lower last month.
Miller says revenue in July fell 5 percent below collections during the same month last year. It's the third consecutive month and the fourth time in five months that state revenue has been lower than the prior year.
Miller says lower income tax collections also helped push revenue down in July. Combined personal and corporate income taxes shrank by 5.4 percent, while gross production taxes on oil and natural gas fell almost 47 percent.
In the past 12-months, gross production tax collections are down almost 24 percent and motor vehicle collections are off by more than 3 percent.
July receipts totaled $942 million, down about $50 million from July 2014.
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